The proposed spin-out seeks to create a new, independent company separate from Goldman Sachs. Credit: ioda/Shutterstock.

US-based investment bank Goldman Sachs has announced plans to explore strategic opportunities to spin off its GS DAP technology platform, aiming to transition it into an industry-owned distributed ledger solution.

This plan is subject to regulatory approvals.

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Alongside the announcement, Goldman Sachs has unveiled a collaboration with key industry partners to emphasize the shared commitment to leveraging distributed ledger technology across financial markets.

The GS DAP platform leverages technology solutions developed by Goldman Sachs’ Digital Assets business. It is designed to meet the needs of participants in digital capital markets.

The potential spin-out is aimed at establishing a new, standalone company that would operate independently from Goldman Sachs, providing a sustainable foundation for the future of digital financial services.

Goldman Sachs Digital Assets global head Mathew McDermott said: “Delivering a distributed technology solution to a wide cross-section of financial market participants has the potential to redefine market connectivity, infrastructure composability, and to deliver a new suite of commercial opportunities for the buy- and sell-side.

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“We view this as an important next step for our industry as we continue to build-out our digital asset offerings for our clients.”

The firm also revealed its first strategic partner, Tradeweb, for the platform.

In collaboration with Goldman Sachs, Tradeweb will integrate its trading and liquidity capabilities across the fixed income spectrum, aiming to drive new commercial use cases for GS DAP.

Goldman Sachs will continue to expand its Digital Assets business and enhance the platform’s technological capabilities, while GS DAP will keep providing multi-jurisdictional solutions across a range of asset classes and “shaping the future of interoperability infrastructure”.

The firm’s Digital Assets business is dedicated to fostering the adoption of digital assets and a blockchain-powered financial system by providing accessibility, education, and product offerings, including a suite of crypto-linked trading products.

Last month, GlobalData announced that Goldman Sachs and Houlihan Lokey led global mergers and acquisitions (M&A) advisory for the first three quarters of 2024 by value and volume, respectively.